'Who's in charge?' US trade official grilled on Trump's tariff flip-flops

Donald Trump's sudden tariff U-turn stuns markets and lawmakers, sparking insider trading fears, 'pump and dump' accusations, and calls for a federal investigation

"This is amateur hour and it needs to stop" - this scathing rebuke from Democratic Congressman Steven Horsford echoed the mood in Washington DC on Wednesday, after US President Donald Trump stunned global markets with a whiplash tariff policy—first sending stocks crashing, then abruptly reversing course and triggering a late-day rally.

 

In the span of just a few hours, Trump’s sweeping import taxes on goods from around the world sent shockwaves through the US economy and global trading floors. But what rattled investors and lawmakers even more was the President’s real-time commentary and sudden policy U-turn—fuelling concerns over possible market manipulation and insider trading within the administration.

 

 

As panic set in on Wall Street and indexes plunged, Trump posted in all caps on his Truth Social account: “THIS IS A GREAT TIME TO BUY!!!”

 

 

Just four hours later, the chaos took a sharp turn. In a surprise announcement, Trump paused the newly imposed tariffs for most countries for 90 days—but raised duties on Chinese imports to a staggering 125 per cent. Markets, which had tanked earlier, soared on the news.  Also Read: Trump announces 90-day pause on tariffs, raises China tariffs to 125%

Trump's trade chief caught off guard in real time

 

While the markets were reacting to Trump’s abrupt pivot, US Trade Representative Jamieson Greer was testifying before a House committee—apparently unaware that the tariffs had been paused.

 

Nevada Democrat Steven Horsford was furious. “If you came here knowing that … these tariffs were going to be turned off, why didn’t you include that in your opening statement? Why didn’t you reference that in your testimony?” he asked.

 

“I don’t disclose my conversations with the President, sir,” Greer replied.

 

“These were specific questions. We asked you all along, ‘What’s the strategy?’ This is amateur hour and it needs to stop,” Horsford shot back. “Did you know that this was happening? … Is this market manipulation?”

 

“No,” said Greer.

 

“Why not? If it was a plan, if it was always the plan, how is it not market manipulation?”

 

“It’s not market manipulation, sir,” Greer insisted. “We’re trying to reset the global trade system that has offshored all our factories.”

 

“How have you achieved any of that?” Horsford continued. “Who’s benefitting? What billionaire just got richer?”

 

Horsford also pointed out that all House Republicans had walked out of the hearing. “WTF! Who’s in charge?” he asked. “Because it sure doesn’t look like it’s the trade representative. You just got the rug pulled out from under you. I wish I could feel some empathy. But the empathy I have is for the American people, whose very wellbeing and livelihoods are being affected. This is not a game. This is real life.”

 

Accusations of market manipulation erupt online

 

Social media quickly erupted with allegations that Trump had deliberately manipulated the markets—a reverse “pump and dump” scheme where policy panic drives prices down, only to bounce back after a sudden reversal.

 

Critics alleged that insiders may have profited by buying stocks at a low just before the rebound. Leading the charge was Democratic Senator Adam Schiff, who called for a full investigation into possible insider trading.

 

“Trump is creating giant market fluctuations with his on-again, off-again tariffs,” Schiff said. “These constant gyrations in policy provide dangerous opportunities for insider trading.”

 

“Who in the administration knew about Trump’s latest tariff flip-flop ahead of time? Did anyone buy or sell stocks and profit at the public’s expense?” he asked. “I’m writing to the White House — the public has a right to know.”

 

Trump shrugs off criticism

 

Later in the day, Trump appeared on the White House lawn alongside a group of car racing champions, posing with a red-and-yellow race car and downplaying the backlash.

 

“I thought that people were jumping a little bit out of line,” Trump said. “They were getting a little bit yippy, a little bit afraid. It’s working out maybe faster than I thought.”

 

Asked whether the drop in Treasury bonds influenced his decision, he said: “No, I was watching the bond market. The bond market is very tricky. I was watching it, but if you look at it now, it’s — it’s beautiful. The bond market right now is beautiful. But, yeah, I saw last night where people were getting a little queasy.”